REPORT 


OF  THE 


SECRETARY  AND  TREASURER 


OF 


The  ploflsh  jft&te  Improvement!  (lo.. 


March  31st,  1889. 


This  Report  is  made  for  the  information  of  the 
Stockholders,  and  is  not  printed  for  general  distribution. 


GREENSBORO : 

Thomas  Brothers,  Job  Printers. 

1889. 


REPORT 


OF  THE 


SECRETARY  AND  TREASURER 


OF 


The  florth  State  InjproVement  Co, 


March   31st,  1889. 


This  Report  is  made  for  the  information  of  the 
Stockholders,  and  is  not  printed  for  general  distribution. 


GREENSBORO : 

Thomas  Brothers,  Job  Printers. 

1880. 


i 

Jo 
4 


Officers  of  the  Company. 


J  NO.  D.  WILLIAMS. 

PRESIDENT. 

JULIUS  A.  GRAY, 

VICE-PRESIDENT. 

R.  PERCY  GRAY, 

SECRETARY  AND  TREASURER. 

ROGER  P.  ATKINSON, 

CHIEF  ENGINEER. 

ROBERT  T.  GRAY, 

ATTORNEY. 


DIRECTORS: 


JNO.  D.  WILLIAMS,  -  -  Fayetteville,  N.  C. 

JULIUS  A.  GRAY,  -  -  Greensboro, 

CHAS.  P.  STOKES,  -  -  Richmond,  Va. 

W.  A.  LASH,  -  -  Walnut  Cove,  N.  C. 

W.  A.  MOORE,  -  -  Mount  Airy, 

J.  TURNER  MOREHEAD,  -  Leaksville, 

D.  W.  C.  BENBOW,  -  -  Greensboro, 


Executive  and  Finance  Committee: 


Jno.  D.  Williams,  Chairman. 
Julius  A.  Gray,  J.  Turner  Morehead, 

W.  A.  Lash,  D.  W.  C.  Benbow. 


List  of  Stockholders 

March  jist, 


NO.  SHARES. 

D.  W.  C.  Benbow,  -  -  -  250 
J.  Turner  Morehead,  .  .  .  250 
Jno.  D.  Williams,            ....  250 

E.  J.  Lilly,    -            -            -            -            -            -  200 

R.  T.  Gray, 50 

A.  Y.  Stokes,              .....  250 

Eugene  Morehead,          ....  250 

Julius  A.  Gray,          -  200 

R.  Percy  Gray,    -----  50 

W.  A.  Lash,                -            -            -            -            -  125 

J.  M.  Worth,        -            -            -            -            -  125 

J.  F.  &  W.  A.  Moore,           -            -            -            -  125 

W.  Fulton  &  Son,            ....  125 

MURCHISON   &   Co.,          -----  250 

Total  No.  Shares,             -            -            -  2,500 


Digitized  by  the  Internet  Archive 

in  2011  with  funding  from 

University  of  North  Carolina  at  Chapel  Hill 


http://www.archive.org/details/reportofsecretarytreas 


THE 


North  State  [niproYomeirt  Company, 


Report  of  the  Secretary  and  Treasurer. 


Greensboro,  March  31,  1889. 

To  the  President  and  Board  of  Directors  of  the 

•North  State  Improvement  Company: 

Gentlemen: — I  have  the  honor  to  submit  herewith,  my 
report  of  the  condition  of  your  Company,  with  statements 
showing  in  detail  the  cost  to  date  of  the  Main  Division  of  the 
Cape  Fear  &  Yadkin  Valley  Railway,  the  Western  Division, 
the  South  Carolina  Pacific  Railway,  and  the  Factory  &  Madi- 
son Branches,  also  estimate  of  cost  to  complete  the  Madison 
Branch  and  estimate  for  the  Wilmington  Extension. 

The  cost  of  the  main  line  from  the  South  Carolina  State 
line  to  Mount  Airy,  as  shown  in  statements  Nos.  2  and  3,  is 
exclusive  of  the  amount  paid  for  the  old  road  from  Fayette- 
ville  to  Gulf,  which,  including  purchase  of  State's  stock  and 
outstanding  bonds,  and  payment  of  unfunded  debt,  amounted 
to  $267,792.57 ;  and  is  exclusive  of  freight  and  hauling  done 
by  the  C.  F.  &  Y.  V.  Ry.,  which,  charged  at  regular  rates, 
would  amount  to  $204,329.85 ;  and  is  also  exclusive  of  con- 
vict labor  to  the  value  of  $252,000  paid  for  in  bonds  after- 
wards returned  by  the  State.  The  North  State  Imp.  Co.  still 
has  a  force  of  about  40  men  at  work  near  Walnut  Cove  on  the 
change  of  grade,  which  will  be  completed  during  the  current 
month,  and  has  contracted  for  new  steel  rail  to  replace  during 


8 

this  Summer  the  six  and  one-half  miles  of  old  iron  still  remain- 
ing in  the  main  line. 

Freight  and  hauling  hy  the  C.  F.  &  Y.  V.  Ry.,  for  which 
no  charge  is  made  under  our  contract,  in  the  case  of  the  Fac- 
tory Branch  amounted  to  04,499.36,  and,  as  shown  in  state- 
ment No.  1,  has  so  far  amounted  to  $13,356.11  for  the  Madison 
Branch  and  the  Wilmington  Extension. 

A  cash  subscription  by  the  Madison  people  of  SI 5,000  in 
some  measure  offsets  the  heavy  cost  of  the  Branch  to  that 
place. 

The  estimate  of  the  cost  of  the  Wilmington  Extension  does 
not  allow  anything  for  "  general  expenses,"  which,  including 
the  item  of  interest  and  discount,  cannot  now  be  approximat- 
ed, but  heretofore  no  inconsiderable  part  of  the  expenditures 
of  this  Company  has  come  under  this  head.  Nor  does  this 
estimate  include  any  expenditure  to  secure  the  facilities 
which  the  road  must  have  for  the  transfer  of  its  freight  and 
passengers  from  its  tracks  on  Point  Peter  to  the  City  of  Wil- 
mington. If  it  should  be  necessary  for  the  Company  to 
purchase  a  steam  tug  and  lighters  for  this  service,  the  expen- 
diture would  probably  amount  to  twenty  or  twenty-five 
thousand  dollars.  The  Superintendent  of  the  C.  F.  &  Y.  V. 
Ry.  reports  that  his  road  must  have  about  $85,000  worth  of 
equipment  in  addition  to  the  amount  included  in  this  estim- 
ate, which  is  all  this  Company  has  agreed  in  its  contract  to 
furnish.  We  have,  however,  the  Wilmington  subscription  of 
$150,000  to  parti}7  offset  these  heavy  expenditures. 

The  work  on  the  Wilmington  Extension  is  progressing  finely 
— the  grading  is  nearly  completed,  the  bridges,  trestles, 
masonry,  cross-ties  and  wharves  are  under  contract,  the  rails 
and  fastenings  have  been  purchased,  and  an  advance  pay- 
ment of  $113,000,  drawing  interest  at  6  per  cent.,  has  been 
made  on  the  same,  and  the  road  will  be  completed  and  in 
operation  before  the  end  of  the  current  year. 

Expenditures  on  this  Division  to  date  are  as  follows : 


Engineering $    7,496.05 

Graduation 55,774.52 

Right  of  Way 5,973.28 

Cross-ties 1 4,565.50 

Equipment 67,993.98 

Miscellaneous 13,049.26 


$164,852.59 
Respectfully  submitted, 

R.  PERCY  GRAY,  Sechj  and  Treas. 


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II 


STATEMENT  NO.  2. 


COST  OF  MAIN   DIVISION     OF    THE    CAPE  FEAR  &   YAD- 
KIN VALLEY  RAILWAY.     MARCH  31,    1889. 


GREENSBORO   TO    SO.   CA.  STATE  LINE — 150    MILES,    INCLUDING 

SIDINGS. 


ENGINEERING: 

Salaries $     6. 802. 3  1 

Equipment 2,919. 18 


CONSTRUCTION: 

Graduation 

Culverts 

Bridges  and  Trestles 

Right  of  Way 

Building  Sites 

Cross-ties 

Rails 

Fastenings 

Spikes   

Frogs  and  Switches 

Turn  Tables 

Wharves  and  Landings 

Machine  and  Car  Shops 

Depots,  Section-housesand  Water  stations 

Telegraph  Line 

Printing  and  Stationery 

Store  House 

Incidental  Expenses 

Cattle  Guards  and  Road  Crossings 

Track  Laying  and  Ditching 

Filling  Trestles 


EQUIPMENT  : 

Locomotives $  34,345.25 

Passenger  Cars '  14,653.19 

Baggage,  Mail  and  Express  Cars |  2,692  96 

Freight  Cars ,  27,262.60 

Tools  and  Machinery,  &c J  2,885.58 

GENERAL  EXPENSES: 

Salaries  of  Officers !$  2,050  00 

Expenses  General  Office 257- 57 

Insurance [  5,916.83 

Interest  and  Discount ;  255,526.25 

Incidental  Expenses j  15,885.81 

Total 


$        9.721.49 


704,533-ii 


81,839.58 


279,636.46 
$1,075,730.64 


12 


STATEMENT  NO.  3. 


COST     OF    WESTERN    DIVISION    OF    THE  CAPE  FEAR  & 
YADKIN  VALLEY  RY.     MARCH  31,    1889. 


GREENSBORO   TO  MOUNT  AIRY — 73  4-IO  MILES,    INCLUDING  SIDINGS. 


ENGINEERING 


Salaries  . .  . 
Equipment 


CONSTRUCTION  : 

Graduation 

Culverts 

Bridges  and  Trestles 

Masonry 

Right  of  Way 

Cross-  ties 

Rails 

Fastenings 

Spikes 

Frogs  and  Switches 

Turn  Tables 

Depots,  Section-houses  and  Water-stations 

Telegraph   Line 

Printing  and  Stationery 

Incidental   Expenses 

Cattle  Guards  and  Road  Crossings 

Track  Laying  and  Ditching 

No.  Ca.  R.  R.  Crossing 

Change  of  Grade 


$  14,311.56 
2,343  48 


$  94, 

46, 
18, 

4, 

53, 

223 

1  2 

10, 

2, 

26, 


1, 

18, 

6, 

24. 


644.55 
621.02 
486.50 
202.23 
928.02 
274.42 
548.04 
910.92 
498.16 
485.76 

32793 
01 1.02 
191.40 
123.50 

307- 73 
184.24 
582.99 
777.65 
552.02 


EQUIPMENT: 

Locomotives $  34,201.52 

Passenger   Cars j        7,400.00 

Baggage,  Mail  and  Express 1        2,661.65 

Freight  Cars j     36,658  55 

Tools  and  Machinery j  43. 1 5 

GENERAL  EXPENSES: 
Salaries  of  Officers $     7,563.00 

653-57 

4,633.91 

67,958. 12 

7,464-37 


Expenses  General  Office. 

Insurance  

Interest  and  Discount. 
Incidentel   Expenses., 


Total. 


$   16,655.04 


550,658. 10 


80,964.87 


1 


88,272.97 
$736,55098 


13 


STATEMENT  No.  4. 


COST  OF  THE  SOUTH   CAROLINA    PACIFIC   RAILWAY. 


SOUTH    CAROLINA   STATE     LINE   TO     BENNETTSVILLE— IO^    MILES. 


ENGINEERING: 


Salaries 


CONSTRUCTION: 


Graduation. 
Trestles.. .  . 
Cross-ties. . 
Rails 


Fastenings 

Spikes 

Frogs  and  Switches 

Turn  Tables 

Depots,  Water  Stations  and  Sec.  Houses 

Telegraph  Line 

Cattle  Guards  and  Road  Crossings 

Track  Laying  and  Ditching 

Amount   paid    Col.     McRae    and    others    for 
changing  line  south  of  Maxton 

GENERAL  EXPENSES: 

Legal  Expenses 


$284 

00 

1,785 

86 

17 

17 

81. 

37 

29,742.49 

i,943-37 

1,582  30 

560.50 

200.00 

557-24 
65.-7 
63.64 

3.593 

H 

4,332 

10 

59-75 

$284  00 


-44,592.66 

59-75 
$44,936.41 


The  above  shows  cost  to  the  North  State  Improvement  Company, 
and  is  exclusive  of  the  cost  of  the  location  of  the  line,  Grading, 
Depots  and  Cross-ties,  which  was  defrayed  by  the  South  Carolina 
Stockholders. 


14 


STATEMENT  No.  5. 


COST  OF  THE  FACTORY    BRANCH    OF  THE  CAPE  FrAR 
AND  YADKIN  VALLEY  RAILWAY— 9  7-10  MILES. 


ENGINEERING: 

Salaries 

Equipment 

CONSTRUCTION  : 

Graduation , 

Culverts 

Right  of  Way 

Cross-ties 

Rails 

Spikes , 

Frogs  and  Switches 

Depots,  Water  Stations  and  Sec.  Houses. 

Cattle  Guards  and  Road  Crossings 

Track  Laying  and  Ditching 

Incidentals 


266.00 

545-93 

408.70 

7,767.98 

18,153.25 

1, 176.00 

174-35- 

3,428.77 

270.06 

3,952.72 
31-65 


—36,175.41 


$37,486.96 


The  cost  of  grading  this  Branch,  $7,500,  was  paid  by  subscrip- 
tions of  the  Deep  River  Factories  and  others  benefitted,  and  is  not 
included  in  the  above. 


i5 


STATEMENT  No.  6. 


COST  OF  THE  MADISON    BRANCH  OF    THE  CAPE  FEAR 
AND  YADKIN  VALLEY  RAILWAY. 


STOKESDALE   TO    MADISON  —  1 1. 35  MILES,  ICLUDING    SIDINGS. 


ENGINEERING 


Salaries 

Equipment 

CONSTRUCTION 

Graduation 

Bridges  and  Trestles 

Masonry 

Cross-ties 

Rails 


Fastenings 

Spikes , 

Frogs  and  Switches 

Turn  Tables 

Depots,  Section  Houses  and  Water  Stations 

Telegraph  Line , 

Cattle  Guards  and  Road  Crossings 

Track  Laying  and  Ditching 


Total  expenditures  to   March  31,  1! 
ESTIMATED   TO     COMPLETE: 

Bridges  and  Trestles 

Depots 

Track  Laying 


$  367-5° 
41.38- 


12,039.46 

10,156.22 

9,314.81 

6,952.01 

18,053.08 

33  08 

1,318.64 

240.00 

475.08 

1,349-34 

7.50 

154.72 

3,124.41 


4,000.00 

1,200.00 

200.00 


—63,218.35 


$63,627.23 


— 5,400.00 
$69,027.23 


i6 


STATEMENT  No.  7. 


ESTIMATE     OF     THE    COST    OF     CONSTRUCTING     AND 

EQUIPPING    THE    WILMINGTON    EXTENSION 

OF  THE  CAPE  FEAR  AND  YADKIN 

VALLEY    RAILWAY. 


FROM   JUNCTION  WITH  RIVER  TRACK  AT   FAYETTEVILLE  TO  WHARF 
AT    POINT    PETER— 8l    MILES— INCLUDING   SIDINGS    86    MILES. 


340,000  cubic  yds.  Exc'ation  and  Embankment,  at  I2}4c, 
423,000         "  '  "  "  lie. 

850,000  ft.  board  measure,  framed  Trestles,  at  $21 

40,000         "  "  box  Drains,  at  $10 

7,000  lineal  feet  Piles,  at  Black  River,  at  20c 

38,000  Cross-ties,  at  30c 

186,000         "  25c 

82  Cattle  Guards,  at  $10.  ...    

82  Road  Crossings,  at  $2 

2, 100  lineal  feet  Pile  Trestlins',  at  $4 

100         "  Wooden  Bridges,  at  $10 

Water  Tanks,  Piping  and  Wells 

6,700  lineal  ft.  Pile  Trestling  near  Wilmington,  at  $4. 

Property  in  Wilmington  and  on  Point  Peter 

Right  of  Way 

30  sets  Switch-ties,  at  $40 

1  Turn  Table 

2,500  cub.  yds.  Masonry,  at  Cape  Fear  River,  at  $9. 25. 

1,000  bbls.  Cement,  at  $[.40 

Foundations  at  Cape  Fear  River 

680  lineal  ft.  Iron  Bridge,  at  Cape  Fear  River 

125  "  "  "  at  Black  River, and  foundations 

8  Warehouses,  at  $1,260 

8  Section  Houses,  at  $1,400 

Wharf  and  Warehouse  on  Point  Peter 

Frogs  and  Switches 

Crossing  at  C.  C.  &  W.  C.  &  A.  Railroads 

6,757  tons  Steel  Rails,  at  $29.25,  delivered 

588,240  lbs.  Fish  Plates,  at  $1.75  "      

100,000     "    Bolts,  at  $2.70  "     

2,600  kegs  Spikes,  at  $1.88  "      

86  miles  Track  Laying,  at  $250 

Contingencies 

Engineering 

Equipment 


$42,500.00 

46,530.00 

17,850  00 

400.00 

1,400.00 

1 1,400.00 

46,500.00 

820.00 

164  00 

8,400.00 

1,000.00 

2,500.00 

26,800  00 

46,500.00 

6,000  00 

1,200.00 

2,500.00 

23,125.00 

1,400.00 

3,700  00 

44.560.00 

10,800.00 

10,080.00 

1 1,200.00 

20. 000. 00 

2,048.00 

500.00 

197,642.25 

10,294.20 

2, 7c  0.00 

9.776  00 

21,500.00 

16,210.55 

12,000.00 

140,000.00 

£800.000.00 


